Mazda Motor has booked a fiscal year 2008/9 consolidated net loss of JPY71.5bn, blaming overseas affiliates’ impairment losses and the release of deferred tax assets.
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Consolidated sales revenue was JPY2,535.9bn and the consolidated operating loss was JPY28.4bn, reflecting, the automaker said, the yen’s appreciation against key currencies and “a sharp deterioration in the global sales environment”.
World-wide sales volume was 1.261m units, 21,000 ahead of the automaker’s last full year forecast back in February.
“This positive result was due to market share that has been improved or maintained in major markets because of a competitive product line-up,” the automaker said.
In China, unit sales rose 33% year-on-year to 135,000 units. Sales in Japan totalled 219,000 units, down 15% year-on-year. North American sales fell 14% to 347,000 units but market share improved 0.1 points to 2.0%. Retail sales in Europe reached fell 2% to 322,000 units though market share increased 0.2 points to 1.7%.
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By GlobalDataIn other markets, combined total sales volume decreased 13% year-on-year to 238,000 units. Australian sales were 77,000 units and market share a record 8%, up 0.5 points year on year.
Free cash in the fourth quarter of FY2008 was positive JPY67.5bn due to progress made to ‘optimise’ inventory.
The automaker said challenging business conditions were expected to continue from FY2008 into FY2009.
For fiscal 2009/10, it has forecast a consolidated operating loss of JPY50bn, a net loss also of JPY50bn, sales revenue of JPY2,030bn and global unit sales of 1.1m units.
“This outlook for an operating loss is based on continued weak demand which is anticipated for the first half of FY2009, and the residual impact of inventory adjustments,” Mazda said.
“However, an operating profit is forecast in the second half of the fiscal year, due to expected full contributions from the [redesigned] 3, and gains from further cost reduction efforts.
Mazda also aims to improve or at least maintain its share of volume in major markets, reduce fixed costs by about JPY100bn yen and focus on achieving positive free cash flow.
The company will not pay a year-end dividend for fiscal 2008 but has forecast a JPY3 per share payout for fiscal 2009.
